Business executives: Providence can take advantage of 'live, work, play' trend

PROVIDENCE, R.I. -- Rhode Island's capital city has many of the physical elements needed to benefit from current housing and work trends, but needs sustained, collaborative efforts to take advantage of them, said panelists at a Tuesday morning real e

PROVIDENCE, R.I. -- Rhode Island's capital city has many of the physical elements needed to benefit from current housing and work trends, but needs sustained, collaborative efforts to take advantage of them, said panelists at a Tuesday morning real estate conference.

About 150 people attended the annual Rhode Island market report hosted by CBRE/New England at the Omni Providence Hotel.

World-class universities that include a "hidden gem," restaurants, museums and historic buildings all within a walkable downtown accessible by mass transit are all attributes young professionals want in their communities, said panelists discussing the "live, work, play" trend drawing people back into America's cities.

"You have it here in Providence," said Young Park, head of Boston-based real estate firm Berkeley Investments.

Like other Northeast cities, Providence is hamstrung by high expenses. Park and other panelists said government officials, unionists and developers have to work together to create an affordable "ecosystem" for young professionals.

Providence developer Arnold "Buff" Chace said a collaboration is needed to create a "critical mass" of living spaces to underpin the city's economic revitalization.

A stronger mass transit system and a refurbished Kennedy Plaza are two other elements that will help draw more technology-based start-up companies to Rhode Island, panelists noted.

Those are the types of companies attractive to the professionals who populate many Boston neighborhoods, said Thorne Sparkman, a managing director at Slater Technology Fund. Without enough of those companies in Providence, those workers will stay in the Boston market.